Home-Account.com: A review of a new Web site for comparing mortgages

Shopping for a mortgage online sounds like a great idea. Online shopping has brought down prices through increased competition across a broad swathe of industries.

Why should it not work for mortgages?

This New York Times blogger says this work in progress is a significant step forward in its genre:

Home-Account tries to simplify all of this. I tested the service last week, and it was clear that it was still a work in progress (it is still in beta). But even in its infancy, the Home-Account concept stands apart from its competitors, and could help consumers make smarter, more informed decisions. Unlike some of its competitors — including Zillow.com’s Mortgage Marketplace and LendingTree.com — it is not free, though you do get a bit more in return.

Here’s why. Before you start shopping, Home-Account lets you know whether you’d qualify for a loan — based on industry requirements — using your actual credit history and the financial information that you enter into your profile. Home-Account also pulls a credit score from Experian, one of the three credit rating agencies. (It’s a soft inquiry, so it doesn’t hurt your score.) Your report is viewable on the screen, and includes a VantageScore, a credit score developed by the three credit bureaus, and a debt profile.